Account is the art of recording, classifying and summarising in a significant manner and in terms of money, deals and events which are, in part at least, of a  financial character, and interpreting the results thereof In its broadest sense, account is concerned with the dimension of deals,  generally involving  money as the medium of exchange but may also affect from trade, transformations i.e. the  transformations through the process of  product and events i.e. all other  profitable  circumstances, external and internal. Account is a developing wisdom. Unlike other physical lores, it isn't rigid in nature. A certain quantum of inflexibility is allowed in account practices. Due to modification of profitable and political programs, rapid changes in the marketable and artificial world are taking place. Thus, it's but natural that the account programs and practices should also be suitably amended to keep pace with the changes. Though, a certain quantum of inflexibility can be allowed, it doesn't mean that the account principles should be fraudulent to suit individual vagrancies and wishes. Latitude to a certain degree is admissible but it shouldn't strike at the soul of the introductory account principles. It is, thus, necessary to see that the account principles are followed in spirit. There is, therefore, a great need to standardise the account principles so that the financial statements prepared by various organisations retain the attributes of uniformity, thickness and community. Expression of account standards plays a vital part in this direction. The main ideal of the study is to estimate critically the work done in the field of account standards in India. The conception of accounting standards is fairly new in India. It's still in an evolutionary stage. Hence, a penetrative study in this field may throw light on the relative strengths and sins, which may prove to be useful.

Keywords: Summarization, Accounting, Measurement, Transaction, Comparability, Principles, Practices.